China Tower’s IPO has raised $6.9 billion, making it the most valuable offering globally since 2016.

The infrastructure firm was set up by combining assets from China Mobile, China Telecom and China Unicom. Its float of a quarter of its equity is the largest international offering since Postal Saving Bank of China’s IPO in 2016.

Despite this, the amount generated fell well short of the expected $8.7 billion, coming in at the lower end of the estimated range despite a number of major investment companies pledging in July to provide China Tower funding worth $1.4 billion.

China Tower is the world’s largest tower company with 1.87 million sites. Its IPO follows Xiaomi’s listing on the Hong Kong stock exchange, which raised $3.1 billion – slightly more than half the desired sum.